We have completed the latest upgrade to ATEB Suitability on 19th December 2023. This update comes at no additional cost and provides various template related enhancements as well as new additions to our content management libraries.
Full details of the enhancements can be found in the tables below, but some of the highlights are:
‘Onshore Bond’ added as new product type to the ‘Suitability Report (All Advice Scenarios)’ Template
Following feedback from customer firms, we have added a generic product type of ‘Onshore Bond’ to our suite of ‘Existing’ and ‘New’ investments. This product is available for recommendation or review alongside our existing ‘Bond’ types. This new product is accompanied with supporting sets of reasons, disadvantages and risk warnings.
‘Premium Loading’ section added for ‘Protection Advice’
For protection policy premiums that have had a ‘loading’ applied by the insurer, users are now prompted to capture the reasons behind the loading and the subsequent increase in cost.
New suite of standardised wording added for ‘Pension Switch’ recommendations
For funds that are being sold following a recommendation to ‘Pension Switch’, the corresponding wizard section generated now provides an additional suite of standardised text options prompting the user to highlight the dangers of time out of the market, during the period funds are not invested, and any additional charges that may be incurred from the new manager.
New risk warning added for ‘Fund Switch’ recommendations
When recommending a ‘Fund Switch’, the ‘Suitability Report (All Advice Scenarios)’ and ‘Suitability Review Letter/Report’ templates will automatically pre-populate the report output with a risk warning highlighting the dangers of time out of the market during the period funds are not invested.
Content Management Updates
We have added the following providers to the ‘Provider/Platform’ library of ‘Content Management’:
- Cirencester Friendly
- Holloway Friendly
- Foresight
Following the rebrand of ‘Novia’ and ‘Wealthtime Select’ to a single group name, we have removed the ‘Novia’ ‘Provider/Platform’ description and replaced with an updated ‘Wealthtime’ description.
In addition, we have added the following ‘Blackrock’ funds to the ‘Investments’ library within ‘Content Management’:
- MyMap 3
- MyMap 3 Select ESG Fund
- MyMap 4
- MyMap 4 Select Income Fund
- MyMap 5
- MyMap 5 Select ESG Fund
- MyMap 6
- MyMap 7 Select ESG Fund
Suitability Report Template
| Change at a glance | Location | Detail |
|---|---|---|
| New ‘Onshore Bond’ product type. | Getting Started page → Select ‘Investment Advice’ → Investment Plans page → ‘Is this a New or Existing Plan?’ = ‘New’ or ‘Existing’ → ‘Product’ list drop down | New product type available to review or recommend with supporting set of reasons, disadvantages and risk warnings. |
| New standardised text options for ‘Pension Switch’ recommendations. | Getting Started page → Select ‘Retirement Advice’ → Retirement Plans page → ‘Is this a New or Existing Plan?’ = ‘Existing’ → ‘Plan Details’ tab → ‘Action Applicable’ = ‘Pension Switch’ | Range of new multi-select options covering – re-registration / time out of the markets / new fund manager charges / confirmation switch will no result in loss of tax benefits |
| New ‘Premium Loading’ section. | Getting Started page → Select ‘Protection Advice’→ Protection Plans page → ‘Plan Details’ tab | For protection policy recommendations, users now have the ability to capture reasons for premium loading and subsequent increase in cost. |
Suitability Report & Review Templates
| Change at a glance | Location | Detail |
|---|---|---|
| New fund switch risk warning. | Suitability Report: Investment Strategy Recommendation page → ‘Show New or Existing Plans?’ = ‘Existing’ → ‘Are you undertaking a Fund/Portfolio Switch?’ = ‘Yes’
Suitability Review: Review Details page → ‘Fund Review’ = ‘Fund Switch’ → Fund Switch Recommendation page |
A new risk warning will now automatically pre-populate the report output highlighting the dangers of time out of the market during the period funds are not invested. |
Please don’t forget we have a collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available on our Help & Support Portal.
Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.
Tax Year End Update
Doug McFarlane Suitability 2024, Pension, transfer, Update
Our report writing software has been fully updated on 6th April 2024 to accommodate changes to allowances, rates and reliefs for the 2024/25 tax year. Full details can be found below: Pensions Existing ‘Lifetime Allowance’ wording removed and replaced with new ‘Lump Sum Allowance (LSA)’ and ‘Lump Sum and Death Benefit Allowance (LSDBA)’ wording. In […]